Wednesday, March 13, 2013

Tax Prof: ObamaCare Tax Increases Are Double Original Estimate

The Joint Committee on Taxation recently released a 96 page report on the tax provisions associated with Affordable Care Act. The report describes the 21 tax increases included in Obamacare, totaling $1.058 trillion – a steep increase from initial assessment, according to the Tax Prof Blog. The summer 2012 estimate is nearly twice the $569 billion estimate produced at the time of the passage of the law in March 2010.

Provision

2010 Estimate, 2010-2019, $billion

2012 Estimate, 2013-2022, $billion

0.9% payroll tax on wages and self-employment income and 3.8% t tax on dividends, capital gains, and other investment income for taxpayers earning over $200,000 (singles) / $250,000 (married)

Limit deduction for compensation to officers, employees, directors, and service providers of certain health insurance providers

0.6

0.8

Modify section 833 treatment of certain health organizations

0.4

0.4

Other Revenue Effects

60.3

222**

Additional requirements for section 501(c)(3) hospitals

Negligible

Negligible

Employer W-2 reporting of value of health benefits

Negligible

Negligible

Total Gross Tax Increase:

569.2

1,058.3

* Provision targets households earning less than $250,000.

** Includes CBO’s $216.0 billion estimate for “Associated Effects of Coverage Provisions on Tax Revenues” and $6.0 billion within CBO’s “Other Revenue Provisions” category that is not otherwise accounted for in the CBO or JCT estimates.

The Dems' goal all along was to say anything necessary to get the votes. Once they have the votes, who cares? Everything after that, what we would call, "being responsible," is for them "Sour grapes," "Monday morning quarterbacking," "Mistakes were made." Jay Carney makes his living doing this.

Anyone who ever thought that Obamacare was about health care is an idiot. This was never about your healthcare....NEVER. From its very conception, this was about nothing more than control and money. Obama and Company couldn't care less about your health. They just want to control how you live. I challenge anyone to name for me one thing, just ONE thing, that the government cannot force you to do in the name of "healthcare". Just one little thing!

Of course they are double. Most likely they will be triple or higher before the Obamanator is finished. You low information Obama voters didn't really think for one tiny little second that Obama was ever telling the truth did you? Per Obama quote: "You haven't seen anything yet!"

This is just the beginning. These taxes will have to go up again. The ACA has been designed to allow the lowest incomes to get everything free. It means, effectively, that people can do nothing productive all their lives and get every basic need met by one government program or another. Other people will figure out the various thresholds for free help and make sure their income comes in at a level the best fits their situation. The entitlement crowd is not stupid. They know how to maximize the free stuff they get.

Just look what it has done to the English working class. The Dolittles and the Andy Capps have multiplied far beyond expectations, which is why the country is full of Asians. Someone has to do the work that employers can afford.

I agree. They will not care about your health or care and with some control-our-lives sprinkled on top.I see this as a back door to austerity. Forcing the public to pay back the Fed Reserve (banking cartel) back for all the bailouts, government lending, etc.

Although its aim "so the DEMs say" is for the Rich to pay their "fair share", the overall affects of ObamaCare is going to hit the lower class the hardest. Of course the middle class aren't going to be spared either. Once fully implemented... we will see a huge exodus from the Democrat party. The low information voters will finally realize their leaders are complete liars or morons.

Don't be so sure about that one, unless your definition of rich is millions in net worth. Obama's definition of rich, is you buddy. Apparently being a millionaire starts at 200k for individuals and 250 for families. In the eyes of Obama as an anti-colonialist even the poorest American is still wealthier than a villager in say Africa, or India

Dr Bob, agreed. I'd like to know one thing - just one! - that the government can do more efficiently than the private sector. And no, I don't mean wring people out for taxes - that's not a private sector function...

Post Office, Amtrak, SSN, Medicaid/Medicare, SNAP - the list goes on and on; waste, abuse, corruption...and our tax dollars support it. But at least we don't have a spending problem - the White House told us we don't, so I feel better.

Not surprising at all. In fact, I'm surprised the "real" figures are only twice the 2010 estimate. Expect the harsh reality to keep getting uglier. A pity so many gullible people believed this administration's lies.

How long will it take for everyone to listen to conservatives. We were saying this all along that his idiotic law would cost way more than was originally announced. You guys are getting EXACTLY what you voted for.

Clearly you don't read this blog too often. Most of the regulars are anarcho-capitalists or libertarians. I doubt too many people who normally visit EPJ voted, much less voted for someone who supports obamacare. Wenzel's been on this stuff from day one.

The low IQ Democrat clowns who voted for this moron Barack Obama - TWICE - are poison for America and all of the hard working and productive people who have managed to keep this once great and now lost and floundering nation afloat - at least until now when this mongrel Barack Obama usurped the title of president.

Since the entire body of Damocrat elected senators and congressional representatives passed this telling us that it was not a tax, why don't the state Attorney Generals and other prosecutors start fraud criminal charges against all of these representatives and also President Obama. Bring the charges in as many courts as possible. Let the leftist judges dismiss the case and appeal this to the next higher court. If nothing else works, take this to the court of public opinion through the talk shows on both radio and television. Whenever an article like this one comes out, use that as more ammunition.

It's so cute listening to all the conservatives who view this report without factoring in the Medicare savings which make this Law a net deficit reduction.

Of course, pesky little things like facts don't really matter when the kool-aid tastes SO good. Oh, and thanks for the war in Iraq, guys, and your un-paid-for tax cuts. That was about eight trillion in borrowed cash that you BLEW for zero national gain.

You'll forgive me for saying that nobody, anywhere thinks of Republicans as being 'fiscally conservative'.

Obama's constituency is the 50% who don't pay taxes. 50% of nothing is still nothing. So, the only ones getting royally rooked are those who work hard - the ants. The grasshoppers, who don't do nothing but loaf around, get just as many votes.

And you stayed home because you didn't think voting matters - and you didn't work for the Republicans since what - they are as bad as Democrats? WRONG - you vote for the lesser of two evils and try to nudge them to the right..

In 1965 Medicare was predicted to cost the government $9 billion in 1990. In 1990 it actually cost the American tax payer $67 billion. In 1987, Congress estimated that Medicaid’s disproportionate share hospital (DSH) payments would cost less than $1 billion in 1992. The actual cost that year was a staggering $17 billion.When Congress debated changes to Medicare’s home care benefit in 1988, the projected 1993 cost of the benefit was $4 billion. The actual 1993 cost was $10 billion.The Bush Medicare drug program (Another liberal program {along with "No Child Behind" written by Teddy (hiccup) Kennedy} that demonstrates that the left NEVER had a better friend than George W Bush) was predicted to cost $534 billion over the first ten years. Only ONE YEAR LATER it was acknowledged that it will cost $1.2 TRILLION.Any lib who believed what the left told us the cost of Obamacare would be...is an idiot.

The wife of a guy at work is a "coder" for one of our two big regional medical groups. She was just at a meeting where the bean counters told them they are not sure they can even function when Obamacare hits. The workers there are very afraid for their jobs.

No...just "no". Paul Ryan is right. Obamacare is DOA; the price tag is too high. Defund it. Obama lied through his teeth when he campaigned for its passage and told the American people it would save them money. On the other hand, he lies about everything else, too...

Here is what I do not understand because this post really has no meaning. Does this mean that the revenue from the proposed taxes are actually going to create more revenue or are these new taxes. That is 2 totally different statements. Please explain your post.

Please explain your post. Does this mean that the proposed tax increases are now expected to generate more revenue or has there been changes to the tax increases? If so when were these voted in. Information like this is only for the simpleminded emotional responders. Not for someone who takes 2 seconds to question.

YEAHH!- this is great-- finally government working in the richest country in the world to provide for a more equitable society that helps provide health care for all-- this will be good for middle class and our economy